It can be confusing knowing how to start getting into crypto. I’m publicly sharing my crypto playbook in case others find it useful. See bottom for important disclaimer. Summary: This is just my opinion, do your own research.
By: Tomiwa Ademidun (Twitter: @tomiwa1a)
- Make an account on Newton, Shakepay and Coinbase. I recommend using Newton and Shakepay because they’re Canadian, Coinabse is American but beginner friendly. Using different exchanges can be a form of diversification. Interac e-transfer Canadian Dollar (CAD) from bank account into Newton and Shakepay account (source)
- Newton has lower fees (via better spreads)
- Newton verification takes a long time to work (my ID is STILL failing smh)
- While waiting for Newton to work, use Shakepay
- Shakepay also lets you send and receive CAD to people for free
- You can use my referral code: https://shakepay.me/r/3SPQFXH, https://web.newton.co/r/SC7MZM, https://www.binance.com/en/register?ref=D9K9SQNU, https://www.coinbase.com/join/ademid_j
- Buy USDC and USDT on Newton. Buy BTC and ETH on Shakepay.
Use Dollar cost averaging(DCA) and automatically set up a fixed amount to transfer from your bank account and put into crypto every week.
- Transfer crypto from Newton/Shakepay to Binance. Use Binance for trading (source)
- Important: Transfer some of your crypto into a cold Wallet (source).I recommend Trezor.
- This is the most important step. “Not your keys, not your crypto”. If you don’t have the crypto on your own cold wallet. You don’t really own it. Anything can happen to it.
- If you forget your 24 word keys your crypto is gone forever so make sure to keep it somewhere safe and accessible.
My advice is very opinionated. It’s not for everyone. DCA is your friend. This is not investment advice. I’m a crypto novice. I’m simply publicly documenting what I’m doing. I may change my mind about any of the things I say here at any time without notice.
Most of my research is from anonymous strangers on the internet (mostly Reddit). I’m not claiming anything I say here is true or accurate. Do your own due diligence.
Don’t be glued to the price daily. Focus on the long term. Only invest what you can afford. Time in the market is better than timing the market. Don’t tie your self-esteem to the price of an asset.
All the cliche stuff is cliche because it works. Like Charlie Munger says, “if it’s trite, it’s right”. And like I say “Enjoy the ride”. 🚀